Wealthy collectors of high-end single malts are stepping back from whisky auctions, as a recent report from Scottish investment bank Noble & Co highlights a significant downturn in the market.
From October 2024 to January 2025, the report noted a "sharp correction" in the secondary market for single malt Scotch whisky. The total transaction value for these whiskies plummeted by 53% compared to the previous year. This decline was accompanied by a 21% drop in average bottle prices and volume sales, signaling a retreat from high-value sales, especially for bottles priced over £10,000.
Noble & Co commented on the evolution of collector behavior, indicating that many top-end buyers and owners are now either stepping back or withholding stock, leading to a contraction in the premium segment of the market. As a result of this shift, mid-tier and lower-value whiskies have begun to dominate sales both in volume and value.
While there was a slight recovery in prices during January—typically a slow sales month—Noble & Co emphasized that it is too early to declare a full market recovery. Some positive signs included a decrease in unsold lots at auctions, which suggests that supply and demand dynamics are tightening, potentially attracting buyers back into the market.
Economic factors like higher interest rates and broader global uncertainty have contributed to a muted environment across luxury collectibles. This trend aligns with recent findings from global consultancy Knight Frank, which noted a decline in luxury asset values.
Despite these challenges, the aspiration for rare whisky remains strong. The Knight Frank’s whisky index reported a 9% drop in 2024 but a substantial 192% increase over the past decade, indicating that whisky has outperformed other collectible segments such as art or luxury watches.
In the auction scene, The Macallan continues to lead, accounting for approximately £30m in transaction value in the two years leading up to January 2025, although it faced slight competition from Springbank at just over £5m.
Prominent auction events are still set to take place, such as Sotheby’s upcoming auction featuring a limited-edition Bowmore whisky decanter, estimated between £140,000 and £220,000.
For further developments on whisky trends, collectors are keenly watching the evolving market landscape, particularly regarding rare Japanese whiskies and noteworthy bourbon sales.